Your Guide to Smarter Saving!
At tax time, the focus on our finances gets real. We all know the value of saving money, so why is it so tough? Consider adding some of these habits to your routine.
The Savvy Saver’s Checklist
- Make it automatic – You have an automatic transfer of 10% of your earnings into a savings account.
- Avoid lifestyle inflation – Even when you start making more money, keep your spending habits the same.
- Delay gratification – Think about a large purchase before you make it.
- Store cash reserves – Have a rainy day fund.
- Keep a list – A free/low-cost activity is always on standby when a friend asks what you want to do this weekend.
- Stay surrounded by other savers – Your squad likes to save, which influences your habits.
- Put money aside for retirement – You’ve got a 401(k), IRA or other retirement account that gets a lot of love.
- Establish a budget – Tell your money where to go.
An American in Debt
Federal Reserve data shows Americans have staggering amounts of debt to pay. Smart saving habits can help you chip away at some of it.
| Age | Under 35 | 35-44 | 45-54 | 55-64 | 65-74 | 75 and up |
| Average Debt | $67,000 | $133,100 | $134,600 | $108,300 | $66,000 | $34,500 |
Once you’re a super saver, set some financial goals…
Need a finance pro to keep you on track? Give me a call for a great referral!
